Mumbai: The India-UK Free Trade Agreement (FTA) is a historic pact that will boost exports, improve the competitiveness of Indian industries and further strengthen economic ties between the two democracies, NABARD Chairman Dr. Shaji Krishnan V said on Thursday.
Speaking to IANS, the National Bank for Agriculture and Rural Development (NABARD) chairman said the agreement marks a significant milestone for both countries by providing zero-duty access for several Indian products while reducing tariffs on others.
“From an economic perspective, the agreement will help boost India’s exports by providing zero-duty access on many products and reducing tariffs on others. More importantly, it is a comprehensive agreement that covers trade, investment, services and technology,” he said.
According to him, greater market access and increased economic openness will enable Indian industries to expand their global presence, improve competitiveness and enhance business turnover.
“The key task ahead is to complement this agreement with a strong enabling environment at home so that India can fully realise the benefits of this landmark deal,” he added.
Highlighting NABARD’s evolving role, the chairman said the institution has moved beyond its traditional focus on credit and rural liquidity to become a major financier of rural infrastructure and an enabler of investment across the rural economy.
“NABARD is repositioning itself as a rural infrastructure financier while helping identify investment gaps across the rural sector,” he told IANS.
He noted that the institution is mapping agricultural value chains to ensure sustainable livelihood creation through investments in production, processing, marketing and distribution.
Shaji said NABARD is also working closely with Farmer Producer Organisations (FPOs) and cooperative institutions to strengthen their capacity and participation in the rural economy.
As part of these efforts, nearly 70,000 primary cooperative societies have already been computerised, a move he said would improve transparency, traceability and operational efficiency.
He added that institutional reforms and capacity-building initiatives are helping transform NABARD into an institution builder and a catalyst for sustainable rural development.
On the impact of trade agreements on agriculture, the NABARD Chairman said Prime Minister Narendra Modi has consistently emphasised protecting the interests of small and marginal farmers, artisans and other rural producers during trade negotiations.
“These agreements are not driven solely by market economics; they are also about protecting livelihoods. The government has remained sensitive to this reality,” he said.
(IANS)
